The principal objective of purchase system is to ensure that only valid creditors receive payment and that amounts paid are timely and corrects.Select one:TrueFalse

The cash disbursements system processes the payment of obligations created in the purchases system.Select one:TrueFalse

In the revenue and receipts cycle, a new customer wishes to purchase inventory on credit, at your shop. Select the first step that you will insist should be followed by your staff. a.Request a valid purchase order from the customer before processing the order.b.Create a correct purchase order, signed by the customer.c.Request that a credit application form be completed by the customer.d.Set up an accounts receivable account for the customer in the accounts receivable ledger.

Column A1.Regulates the collection, dissemination and use of consumer credit information.:Regulates the collection, dissemination and use of consumer credit information.2.A law that sets requirements for billing disputes.:A law that sets requirements for billing disputes.3.Must show how long it will take to pay your balance off if you make only the minimum payment.:Must show how long it will take to pay your balance off if you make only the minimum payment.4.Protects consumers from abusive threats, obscenities, and false and misleading statements to intimidate the consumer into paying are not allowed.:Protects consumers from abusive threats, obscenities, and false and misleading statements to intimidate the consumer into paying are not allowed.5.Cannot be discriminated against based on gender, race, color, age, marital status, religion, and national origin.:Cannot be discriminated against based on gender, race, color, age, marital status, religion, and national origin.Column Ba.Fair Credit Reporting Actb.Fair Debt Collection Practices Actc.Fair Credit Billing Actd.Credit Card Accountability Responsibility and Disclosure Acte.Equal Credit Opportunity Act

The users of financial statements who are interest in information that enables them to determine whether the amounts owing to them will be paid when dueGroup of answer choicesLendersCustomersInvestorsSuppliers and other trade creditors

The credit purchase of an asset at cost price:Group of answer choicesdecreases assets and increases liabilities.increases assets and increases liabilities.leaves total assets constant.decreases assets and decreases liabilities.